Good Sam Club Open Roads Forum: Around the Campfire: Credit Score
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Crowe

Merrimack, NH

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Posted: 12/12/20 07:08am Link  |  Quote  |  Print  |  Notify Moderator

cptqueeg wrote:

Yes I understand all that, but I like to give the fullest explanation I can to all readers that may look as this thread, not just financially independent retirees. Also I don't think I made it clear that identity theft and keeping track of or locking credit reports is the main issue for those that don't use or need credit.


Absolutely. If someone has stolen your identity and takes a loan or gets credit in your name it could lead to disaster, especially if they use automatic withdrawal and can tie it to your bank accounts. It's easy enough to mitigate the risk rather than take a chance.


I may not have gone where I intended to go, but I think I have ended up where I needed to be Douglas Adams

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Homeless by Choice

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Posted: 12/12/20 07:14am Link  |  Quote  |  Print  |  Notify Moderator

fj12ryder wrote:

I have no debt, pay off the CC bills when they come in, and still run 810-830 credit score. So paying your bills and not having debt doesn't necessarily give you a low credit score...


I also pay my credit cards off 100% every month. In the 50+ years of having a credit card, I have never paid one cent of interest. My credit score is between 830 and 849 every month. I once and only once had a credit score of 851 which I thought was impossible because I read that 850 was the top limit.

What Is the Highest Credit Score and Can You Reach

“850
VantageScore and FICO are the two main credit-scoring models. For both the VantageScore and base FICO® score models, the lowest score is 300 and the highest credit score is 850. But even if you have pretty good credit habits, don't be surprised if you check your scores and find that you're below 850. Nov 11, 2020”

LeRoy


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doxiemom11

Victoria TX

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Posted: 12/12/20 09:40pm Link  |  Quote  |  Print  |  Notify Moderator

Keep in mind that credit score is now used for most insurances, auto, homeowners, rv etc. If you know what is dropping your score, you might want to take some action to keep it higher. It could mean better insurance rates. No credit history - no open credit will also affect your score and cost you as far as insurance rates. Not right, but it started 10 yrs or so ago and no one has been able to get it stopped.

wa8yxm

Davison Michigan (East of Flint)

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Posted: 12/13/20 04:08am Link  |  Quote  |  Print  |  Notify Moderator

One major error in your post. you said 10 years ago.
This is what a quick search found (Alas it's not precise enough)

The use of these credit-based insurance scores began in the 1990s, after insurers were able to draw a correlation between credit and the chances that people will make insurance claims.

* This post was edited 12/13/20 07:07am by an administrator/moderator *


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Pawz4me

North Carolina

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Posted: 12/13/20 04:34am Link  |  Quote  |  Print  |  Notify Moderator

Homeless by Choice wrote:

I once and only once had a credit score of 851 which I thought was impossible because I read that 850 was the top limit.


There are all sorts of credit score tabulations, done by various agencies and services. I had reason to have my score run by a business a few months ago and it was 875. I have no idea what agency/service they used. Like most people nowadays I do kinda sorta keep tabs on my score, so of course I knew it was quite high. But I didn't know anyone was using scales above 850.


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jetboater454

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Posted: 12/13/20 04:37am Link  |  Quote  |  Print  |  Notify Moderator

Thanks to Capital One having the credit breach awhile back I got the free credit monitoring for a couple of accounts I have with them. One card I did get around $350 in the settlement.

One thing in playing with the credit score simulators is if the payment is posted by the 15th of the month,your score goes up as they report to the credit bureaus on the 18th.


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cptqueeg

Idaho

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Posted: 12/13/20 10:22am Link  |  Quote  |  Print  |  Notify Moderator

New scam called "debt parking" I became aware of today.



"The Federal Trade Commission recently took action against a Missouri collection company and its owners, alleging that they collected more than $24 million from consumers, largely by placing “bogus or highly questionable” debts on their credit reports.

“The defendants used this illegal ‘debt parking’ to coerce people to pay debts they didn’t owe or didn’t recognize,” Andrew Smith, director of the F.T.C.’s bureau of consumer protection, said in prepared remarks about the agency’s settlement with the company, Midwest Recovery Systems. The F.T.C. said in a related blog post that the case was its first legal challenge to debt parking under the Fair Debt Collection Practices Act."

(my bold)

wa8yxm

Davison Michigan (East of Flint)

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Posted: 12/13/20 03:23pm Link  |  Quote  |  Print  |  Notify Moderator

jetboater454 wrote:

Thanks to Capital One having the credit breach awhile back I got the free credit monitoring for a couple of accounts I have with them. One card I did get around $350 in the settlement.

One thing in playing with the credit score simulators is if the payment is posted by the 15th of the month,your score goes up as they report to the credit bureaus on the 18th.


Interesting my C-1 Card had "Suspicious" (Nothing suspicious about it it was FRAUD, 2 charges at a diner I've never been to a good 500 miles from where I am) Bank caught one. I the other. they reversed and re-issued the card)

Guy Roan

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Posted: 12/14/20 04:39am Link  |  Quote  |  Print  |  Notify Moderator

The way I look at it is: if you have to worry about, or even care about your credit score, you are living above your means!

Guy

Pawz4me

North Carolina

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Posted: 12/14/20 05:12am Link  |  Quote  |  Print  |  Notify Moderator

Guy Roan wrote:

The way I look at it is: if you have to worry about, or even care about your credit score, you are living above your means!

Guy


My experience is the polar opposite. The people I know who keep the closest watch on their credit scores and who put some thought into improving them (if possible) are the most financially responsible and financially literate people. Most are the millionaire-next-door types. They understand the reality of the world in which they live.

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